Key Figures

Chief of State:
President Muhammadu Buhari
Head of Government:
President Muhammadu Buhari

Overview

Government Name:
Federal Republic of Nigeria
Constitution:
Adopted: 1999; Restored democratic rule to Nigeria. It is the fourth constitution following independence from the United Kingdom. Outlines topics such as fundamental objectives and directive principles of state policy; citizenship; fundamental rights; the legislature; the structure of government; and federal capital territory, Abuja, and general supplementary provisions.
Government Type:
Federal Presidential Republic
Federal Republic of Nigeria Flag
Coat of Arms of Federal Republic of Nigeria

Index of Economic Freedom

Grades each country on a scale of 0 to 100, based on ten freedoms, with 100 representing the greatest amount of economic autonomy from government intervention. Source: Heritage Foundation (2019)

Country Risk Rating

C
A very uncertain political and economic outlook and a business environment with many troublesome weaknesses can have a significant impact on corporate payment behavior. Corporate default probability is high. Source: Coface (2018)

Government Branches

Main Powers Election Process Election Cycle 1
Executive

Can summon the Senate or House of Representatives, appoint commissions of inquiry, call a national referendum, appoint ambassadors, and pardon or reprieve offenders.

Elected by qualified plurality vote.

4 years

Judicial

Highest court of Nigeria.

Justices are appointed by the president on the recommendation of the National Judicial Council and are subject to confirmation by the Senate.

Mandatory retirement age of 70

Legislative

Senate has unique power of impeachment of judges and high officials and confirms president's nominal of senior diplomats, members of the federal cabinet, federal judicial appointments, and independent federal commissions. Both the House and Senate must agree before any bill becomes a law.

Senate members are elected by plurality vote in single-member constituencies. House of Representatives members are elected by plurality vote in single-member constituencies.

4 years

Regional Trade Blocs

International Organization Participation [2]

Environmental Agreements [3]

Tax Information [2]

Tax Authority:
Federal Inland Revenue Service
Tax Name:
VAT

Sources:

  1. ElectionGuide http://www.electionguide.org/
  2. EY, http://www.ey.com
  3. CIA World Factbook, https://www.cia.gov/library/publications/the-world-factbook/
  4. U.S. Bilateral Relations Fact Sheets http://www.state.gov/r/pa/ei/bgn/